Sign up
Log in Sign up
Wed 12 Jan 2011, 08:43 GMT

China Cosco eyes bunker acquisition

China Cosco Holdings Co. Ltd. is reported to be interested in buying a marine fuel company as part of its asset purchasing strategy in 2011.

The share value of China Cosco jumped by as much as 6.4 percent yesterday - the largest intraday gain since January 11th 2010 - on news of potential asset purchases and an improved outlook for container shipping.

Analysts said yesterday that China Cosco could buy oil tankers, shipyards and a bunker supply company from its parent China Ocean Shipping (Group) Company (Cosco Group) as China encourages state-controlled firms to inject more assets into listed units.

Cosco-owned bunker companies currently include China Marine Bunker (PetroChina) Co., Ltd. (Chimbusco), a 50-50 joint venture between Cosco Group and oil giant PetroChina Company Limited. Chimbusco is China's largest physical supplier of marine fuel by volume. Towards the end of last year the company was reported to be interested in setting up a physical supply operation in the world's largest bunker port, Singapore.

Singapore-based Sinfeng Marine Services Pte. Ltd. was established as a wholly owned subsidiary of Hong Kong's Cosco International Holdings in November 2009. It is mainly engaged in the provision of marine fuel and related services including marine bunker supplies, trading of oil and oil related products and brokering services for clients.

Double Rich Ltd, a Hong Kong-based bunker oil trading and supply company, is 82 percent owned by Chimbusco and 18 percent owned by Cosco International.

Citigroup Inc. yesterday upgraded China Cosco stock from 'hold' to 'buy' following what was referred to as "a fundamentally improving container shipping outlook". Analysts said China Cosco may benefit from a rebound in container rates next year and a seasonal rise in dry bulk rates after next month’s Lunar New Year holidays.

Container ship   China 
Closing ceremony of vessel with builder’s hull no. 0315874. LNG dual-fuel crude tanker handed over to Capital  

Jiangsu New Times Shipbuilding delivers the 155,500-DWT LNG dual-fuel crude oil vessel Amor.
Lowina Lundstrom, Gasum. Gasum names Lowina Lundström as vice president, biogas  

Former EIT InnoEnergy executive joins Gasum's management team to lead biogas business development from 1 December.
PIL and Huanghai Shipbuilding contract signing. PIL orders seven methanol-ready feeder vessels from Huanghai Shipbuilding  

Singapore carrier's 1,400-TEU newbuilds will boost intra-Asia capacity and support its 2050 net zero target.
MPA and Qingdao Port work plan signing ceremony. Singapore and Qingdao sign work plan to advance green and digital shipping corridors  

MPA and Shandong Port Group’s Qingdao Port have agreed to pursue methanol bunkering pilots and data-sharing initiatives between the two ports.
Delfin Midstream FLNG unit render. Wärtsilä to supply dual-fuel engines and thrusters for Delfin Midstream's FLNG vessel  

Finnish technology group lands propulsion order for first floating LNG vessel built for US Gulf export project.
Uni-Fuels Logo. Uni-Fuels advertises for senior bunker trader in Dubai  

Nasdaq-listed firm recruiting for its trading team as it aims to drive growth.
Mineral Europa vessel. Green ammonia bunkered to ammonia-powered bulk carrier in Australian first  

Pilbara Ports, Fortescue and CMB.Tech complete a ship-to-ship ammonia transfer at Port Hedland, supporting plans for a clean fuel bunkering hub in the region.
Sea Change II vessel render. US Coast Guard agrees design framework for hydrogen-fuelled New York ferry  

Switch Maritime and Incat Crowther reach regulatory agreement for a 150-passenger hydrogen fuel cell-electric fast ferry intended for New York's waterways.
Auto Advance vessel. UECC fits WE Tech hybrid power systems on newbuild ro-ro vessels  

Norwegian short-sea operator says battery and shaft generator technology from WE Tech Solutions has cut fuel use and auxiliary engine reliance on three newbuilds.
Terra Clove vessel. Envision's green ammonia used to bunker world's first VLAC  

Chinese energy group supplies vessel owned by Eastern Pacific Shipping as it links production and marine fuel supply chains.




   Fuels & Propulsion

Ammonia B100 B24 B30 Bio-LNG / LBM / LBG Biofuel Biogas Biomethanol CBM Dual-fuel E-fuel E-methane / e-NG E-methanol Electric Ethanol FAME Green hydrogen Green/e-ammonia HVO Hydrogen LNG LPG Lubes Methanol MGO Nuclear UCOME ULSFO VLSFO Wind



 Recommended